KARACHI, March 31: The State Bank of Pakistan has advised all money-changers to ensure installation of an efficient real-time online software to fulfill business and reporting requirements.

The SBP said in order to strengthen and streamline internal controls and overall working of the exchange companies of ‘B’ category, it has been advised to ensure installation of an efficient software, fully capable of fulfilling the required task, and the deadline to complete these requirements is May 31.

The companies will also ensure that the system-generated receipts should be issued in accordance with the instructions and Rules & Regulations prescribed for companies.

“The computer systems must be integrated and interconnected through networking,” said the SBP circular, issued in this regard.

Such a software be installed and used which could have the capability of working on real-time online basis, it added.

The SBP said all branches of exchange companies B category are required to be real- time online with their head offices.